Key Takeaways BRK.B trades 8.9% below its 52-week high but remains priced above industry on a P/B basis.Berkshire Hathaway's insurance float and $100B cash pile fuel long-term stability and flexibility.BRK.B faces moderate ROE, a softer 2026 earnings outlook and a premium valuation concern.Shares of Berkshire Hathaway Inc. (BRK.B) closed at $493.99 on Wednesday, an 8.9% discount to its 52-week high of $542.07. BRK.B stock has lost 1.8% year to date compared with the industry’s 1.4% and the Finance sector’s ...

伯克希尔哈撒韦(BRK.A.US)新任首席执行官格雷格.阿贝尔作为著名亿万富翁沃伦.巴菲特的继任者，面临诸多挑战。本周六，华尔街将看到他是如何应对伯 克希尔独有的一个问题：备受期待的年度股东信。 95岁的巴菲特于年初卸任首席执行官，结束了他长达六十年的职业生涯。在这六十年里，他将一家濒临破产的纺织公司转型为一家市值超过1万亿美元的企 业集团，旗下拥有多家保险公司、BNSF铁路公司以及数十家能源、工业和零售企业。在仍担任董事长期间，巴菲特曾于去年11月表示他将"不再发声"，因 为阿贝尔已接掌公司。 巴菲特难以被效仿，63岁的阿贝尔也不会成为他的翻版。 无论是在内布拉斯加州奥马哈举行的年度股东大会上与巴菲特一同应对提问，还是在2022年那封关于环境可持续性的信中——该信由巴菲特要求他撰写—— 阿贝尔在与投资者交流时，更多地关注伯克希尔业务的具体运作细节。 他的信函或许也会如此，尽管可能不如巴菲特备受期待的年度演讲那样文采斐然。这封信提供了一个机会，展现伯克希尔哈撒韦未来的发展方向——甚至可 能还会逐步削减其高达3817亿美元的现金储备。"沃伦.巴菲特堪称股东信撰写界的马克.吐温，"埃文.庞德尔说道。庞德尔是投资者 ...

Key Takeaways Berkshire remains heavily overweight financials despite trimming Bank of America exposure.Technology allocation declines as Berkshire steadily reduces its outsized Apple position.Energy and consumer staples stay key bets, supported by Chevron, Occidental and Coca-Cola holdings.Berkshire Hathaway’s (BRK.A) , (BRK.B) fourth-quarter 13F filing was released after market close on Feb. 17, offering investors a quarterly snapshot of portfolio activity led by Warren Buffett, Greg Abel, and investment ...

专题：伯克希尔2026年股东信重磅来袭 经济观察网 近一周，伯克希尔的热点主要集中在持仓调整和宏观环境变化。2026年2月18日，伯克希尔 披露了2025年第四季度13F持仓报告，这是巴菲特卸任CEO前的最后一个季度调仓动作。报告显示，伯 克希尔连续第三个季度减持苹果约1029万股（环比减少4.32%），并大幅减持亚马逊77.24%，同时增持 雪佛龙、安达保险等石油与金融股，并新建仓纽约时报，投资额约3.5亿美元。同期，宏观事件如美伊 核谈进展缓解地缘风险，国际油价承压；AI领域热度攀升，英伟达与Meta达成芯片合作，可能间接影 响伯克希尔科技持仓。 股票近期走势 责任编辑：刘明亮 伯克希尔股价在近一周（2026年2月17日至24日）呈现震荡下行趋势。根据行情数据，股价从2月17日的 754，910美元跌至2月24日的734，149.43美元，区间跌幅达2.30%。其中，2月18日因持仓报告公布当日 下跌0.92%，2月24日受大盘拖累继续下跌0.82%。同期，美股三大指数分化，道指近五日跌0.88%，纳 指涨0.61%，伯克希尔表现弱于大盘。持仓调整消息公布后，纽约时报盘后上涨，但伯克希尔自身股价 受减持科 ...

Core Insights - Warren Buffett has successfully managed Berkshire Hathaway's investments for over six decades, demonstrating his ability to select and hold stocks that outperform the market [1][3] - Buffett's investment strategy emphasizes value, focusing on buying stocks below their intrinsic worth, which has led him to be a net seller of stocks in recent years as valuations have risen [5][6] Investment Strategy - In the fourth quarter of his tenure, Buffett chose to maintain positions in Coca-Cola and American Express, reinforcing his long-term investment philosophy [8][9] - The decision to hold these stocks, which have been part of Buffett's portfolio for decades, highlights the importance of investing in quality companies that provide dividends [9][12] Practical Application - Investors are encouraged to adopt Buffett's strategy by seeking quality companies with strong competitive advantages and healthy balance sheets, purchasing them at reasonable valuations, and holding for the long term [11][12]

Great West Casualty Company has been a subsidiary of Old Republic International Corporation since 1985. Old Republic is a Fortune 500 holding company with subsidiaries dating back to 1887. Great West’s commercial auto, cargo, inland marine, and workers’ compensation policies are underwritten and issued by Old Republic Insurance Company. The name on the certificate says Great West. The money comes from Old Republic.Northland Insurance is a division of Travelers Companies, a Dow 30 component and one of the la ...

Report Summary 1. Report's Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Global financial markets are affected by multiple factors including geopolitical tensions, tariff policies, and corporate earnings, leading to significant fluctuations in various asset classes. For example, the US stock market declined due to Trump's tariff plan and EU's suspension of the trade - agreement approval, while the precious metals market rose due to increased risk - aversion [5][6]. - The energy market is influenced by the Iran - US nuclear negotiation, with expectations of increased Iranian oil supply putting downward pressure on oil prices [7]. 3. Summary by Directory Overnight Night - Market Trends - **Stock Markets**: US major indices (Dow, S&P 500, Nasdaq) fell, with IBM and American Express leading the decline. European indices (DAX, CAC40, FTSE 100) also closed lower. The reasons include Trump's tariff plan and EU's suspension of trade - agreement approval [5]. - **Precious Metals**: COMEX gold and silver futures rose due to increased risk - aversion from geopolitical tensions, tariff policy changes, and other factors [6]. - **Energy**: US crude oil and Brent oil futures fell as the Iran - US nuclear negotiation showed signs of progress, increasing the expectation of more Iranian oil supply [7]. - **Base Metals**: Most London base metals declined, except for LME tin which rose [7]. Important News Macro News - Shanghai Export Container Settlement Freight Index for European routes dropped 2.1%. The US will stop collecting certain illegal tariffs. There is still a risk of US military strikes against Iran. India postponed a trade delegation plan. China is assessing the impact of US tariff rulings and urges the US to cancel unilateral tariffs. The EU suspended the approval of a trade agreement with the US. The Trump administration is considering new "national security tariffs" [9][11]. Energy Futures - Saudi Aramco sold condensate oil. Methanol supply in Southeast Asia is restricted due to planned maintenance. Goldman Sachs and Morgan Stanley have different forecasts for oil prices, with Goldman Sachs raising price forecasts for Q4 2026 and 2027, and Morgan Stanley expecting a short - term increase followed by a decline [14][16][18]. Metal Futures - The US energy storage market is expected to grow 21%. Lebanon may sell part of its gold reserves. UBS is positive on gold, with a target price of $6200/ounce [20][21]. Black - Series Futures - China's iron ore arrivals decreased, but global iron ore shipments increased. Vietnam plans to build a large - scale steel plant. The blast furnace capacity utilization rate of Chinese pig - iron enterprises decreased, and inventory increased [23][25]. Agricultural Products Futures - Malaysian palm oil production and exports decreased in February. Argentina's soybean moisture conditions improved, and the production forecast remains unchanged [27][28]. Financial Markets Financial - 143 companies have submitted IPO applications in the Hong Kong stock market in 2026. Deloitte predicts a better performance in the Hong Kong IPO market this year [30]. Industry - Payment transactions on Chinese New Year's Eve increased. The real - estate market may show more stabilization signals. China's AI governance system is maturing [31]. Overseas - The US may adjust tariff application methods and continue steel - aluminum tariffs. The Fed has about 75 basis - points to reach the neutral rate. India plans to invest $200 billion in AI. The Australian central bank may tighten policy. UK unemployment reached a new high [32][34][35]. International Stock Markets - US and European stock markets rose, while the Japanese market fell. High - end companies made significant stock - position adjustments. The UK may adjust accounting rules to attract Chinese companies. Australia simplifies corporate governance rules. Some companies announced major transactions or reported good earnings [36][38][41]. Commodities - Precious metals, oil, and most base metals futures fell due to factors such as progress in the Iran - US nuclear negotiation and reduced risk - aversion [43]. Bonds - US Treasury yields had mixed changes. Japanese bonds rose, and the 2029 fiscal - year bond issuance may increase [45]. Foreign Exchange - The US dollar index rose slightly, and most non - US currencies fell [46]. Upcoming Economic Data and Events - **Economic Data**: Include Japan's trade balance, UK's inflation and housing - price index, US's new - home construction, and other data [48]. - **Events**: New Zealand's central - bank rate decision, European Central Bank officials' speeches, and the Fed's release of meeting minutes [50]. - **Market Closures**: Chinese, South Korean, and Vietnamese stock markets are closed due to the Spring Festival [52].

Every market cycle creates a new group of instant experts who promise you the next hot trade, the next AI moonshot, or the one stock that will make you rich by Friday afternoon.Meanwhile, some of the smartest investors in the world keep doing the same quiet, disciplined work they have always done.Li Lu is one of those investors. He does not chase headlines, he does not run around predicting the economy, and he does not build portfolios stuffed with hundreds of positions just to look busy.Instead, he owns a ...

Core Viewpoint - Domino's Pizza stock has experienced a significant pre-market rally, rising 5.94% to $407.45, despite being down 9% year-to-date [1][2]. Financial Performance - In Q4 2025, Domino's Pizza reported revenue of $1.535 billion, an increase of $90 million from Q4 2024 [3]. - The total revenue for 2025 reached $4.94 billion, which is $234 million higher than the revenue recorded in 2024 [3]. - The earnings per share (EPS) for the quarter was reported at $5.35, slightly below the forecast of $5.36 [2]. Market Reaction - The stock's rally marks a break from a downtrend, although Wall Street issued a bearish revision with a 'Sell' rating and a price target of $370, indicating a potential 9% decline [2][5]. - Despite the positive earnings reaction, Warren Buffett's Berkshire Hathaway has not seen a profitable position in DPZ, losing $32 million since the start of 2026 [6][7]. Dividend Increase - Domino's Pizza's board approved a 15% increase in dividends to $1.99 per share quarterly, which will yield approximately $7 million for Berkshire Hathaway every three months, totaling about $28 million annually [8].

Management highlighted strong franchisee economics and ongoing digital investments as key drivers. New menu innovations, including stuffed-crust pizza offerings, and loyalty program enhancements aim to keep traffic steady and boost repeat orders. Despite inflationary pressures, disciplined cost controls helped margins remain stable.In Q3 fiscal 2025, Domino’s delivered revenue of $1.14 billion, up 6.2% year-over-year (YoY). Net income reached $139.3 million, translating to earnings per share of $4.08. Even ...